{"title": "MMT, or Modern Monetary Theory | Lauri Holappa | Negotiator 45", "titleOriginal": "MMT Moderni rahateoria | Lauri Holappa | Neuvottelija 45", "episodeNumber": "45", "guest": "Lauri Holappa", "publishedAt": "2020-11-10", "duration": "1:10:53", "durationIso": "PT1H10M53S", "youtube": "https://www.youtube.com/watch?v=be74A_1nJWQ", "fiCanonical": "https://www.neuvottelija.fi/fi/episodes/51-mmt-moderni-rahateoria-lauri-holappa-neuvottelija-45", "originalLanguage": "fi", "format": "full", "topics": ["finnish_economy_policy", "investing_markets"], "description": "Lauri Holappa, who wrote his doctoral thesis on the mechanics of Modern Monetary Theory and served as economic policy adviser to Li Andersson through the coronavirus spring, works through MMT's foundations with Sami Miettinen. Both treat it as a description of the system rather than a policy recommendation. The episode runs from chartalism through the demolition of the money multiplier, the mechanics of endogenous money, Holappa's bond market power fallacy, and why the real constraint is not credit markets but inflation. It closes on the actual causes of hyperinflation, Miettinen's ECU-2 proposal, and what a functioning euro would require.", "chapters": [{"t": "00:00", "title": "A year that landed in the crisis", "seconds": 0}, {"t": "02:31", "title": "MMT as a description of the system, not a policy recommendation", "seconds": 151}, {"t": "05:05", "title": "Chartalism: taxation as the basis of a currency's value", "seconds": 305}, {"t": "07:38", "title": "Dollarisation and developing-country debt crises", "seconds": 458}, {"t": "10:08", "title": "Odious debt and the Volcker shock", "seconds": 608}, {"t": "12:46", "title": "MMT as a branch of post-Keynesianism", "seconds": 766}, {"t": "15:25", "title": "Why post-Keynesianism is disdained in Finland", "seconds": 925}, {"t": "17:59", "title": "Post-Keynesians and the reality of financial markets", "seconds": 1079}, {"t": "20:36", "title": "The money multiplier is wrong — including in Harari", "seconds": 1236}, {"t": "23:06", "title": "Why money is endogenous", "seconds": 1386}, {"t": "25:37", "title": "The quantity theory of money and MV=PQ", "seconds": 1537}, {"t": "28:07", "title": "Euro-area magnitudes: cash, reserves and deposits", "seconds": 1687}, {"t": "30:43", "title": "The bond market power fallacy and the primary dealers", "seconds": 1843}, {"t": "33:17", "title": "The ECB's schizophrenic position", "seconds": 1997}, {"t": "35:52", "title": "Inflation as the real constraint", "seconds": 2152}, {"t": "38:23", "title": "The current account and export sector vitality", "seconds": 2303}, {"t": "41:10", "title": "Baumol's cost disease and the growth of reserves", "seconds": 2470}, {"t": "43:44", "title": "Why a sovereign state does not become insolvent", "seconds": 2624}, {"t": "48:53", "title": "Japan and balance sheet recession", "seconds": 2933}, {"t": "51:27", "title": "The actual mechanism of hyperinflation", "seconds": 3087}, {"t": "54:13", "title": "ECU-2 and a two-tier currency system", "seconds": 3253}, {"t": "56:52", "title": "Could the euro be made to work?", "seconds": 3412}, {"t": "59:28", "title": "Federation, Greece 2015 and monetary policy as a weapon", "seconds": 3568}, {"t": "62:01", "title": "The Austrian school as the opposite pole", "seconds": 3721}, {"t": "64:50", "title": "Minsky: big government and big bank", "seconds": 3890}, {"t": "67:24", "title": "America's exceptional fiscal room", "seconds": 4044}], "sourceTranscriptType": "macwhisper_srt", "subtitleMethod": "none", "provenance": "Owner page assembled from the MacWhisper SRT transcript, YouTube metadata and the neuvottelija.fi episode record. Chapter timecodes are taken from the transcript; no caption files are published with this page.", "slug": "ep45-mmt-moderni-rahateoria-lauri-holappa", "guestsCanonical": ["Lauri Holappa"], "guestPages": ["https://www.neuvottelija.com/podcast/guests/lauri-holappa/"], "page": "https://www.neuvottelija.com/podcast/episodes/ep45-mmt-moderni-rahateoria-lauri-holappa/", "markdown": "https://www.neuvottelija.com/podcast/episodes/ep45-mmt-moderni-rahateoria-lauri-holappa/index.md", "captions": null, "transcript": null}